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If you want to Collect a Debt, Virtual In-House Counsel can help you:
 Write a simple, plain-english agreement
Secure a debt with collateral
Collect delinquent debts
Decide when to sue
… Write a simple, plain-english agreement
There is no reason why a contract must be filled with legal gibberish. For most contracts, legalese is not essential or helpful. But because oral agreements can be difficult or impossible to prove, it is wise to write out most agreements, even if not legally required. In a few situations, a contract must be in writing to be valid. State laws often require written contracts for certain transactions such as real estate sales or contracts that will last more than one year.
… Secure a debt with collateral (return to top)
SECURITY AGREEMENTS are used to document a transaction that is intended to create a security interest in personal property (such as goods) or fixtures and that is governed by Article 9 of the Uniform
Commercial Code. The agreement will need an adequate description of the property. UCC filings are of fixed duration and may need to be renewed if the term of the debt exceeds five years.
… Collect delinquent debts (return to top)
Activities used to pursue payment on delinquent accounts are governed by the federal Fair Debt Collection Practices Act. A debt collector may not harass, oppress, or abuse any person. A debt
collector may not use threats of violence, obscene or profane language, or use false statements when trying to collect a debt. This does not mean that appropriate remedies cannot successfully recover
amounts owed to you or your business. Normally, if an individual is working or owns valuable property collection is not difficult. Virtual In-House Counsel is experienced at garnishing wages and attaching
nonexempt property.
… Decide when to sue (return to top)
Pursuing a lawsuit is not an endeavor for the faint-hearted. There are reasons to sue, to be sure. In a
successful suit you may indeed recover funds due you, and it may be possible to recover other types of monetary awards such as compensatory and punitive damages. Also, you may benefit from getting an
injunction or restraining order against someone who is irreparably harming your business.
Consider the present and future consequences before you choose to go this route to resolve a business
dispute.
- Business litigation is expensive and it is going to take time, which affects your productivity.
- The courts are crowded and unforeseen delays can result in unanticipated legal fees.
- There are always two sides to the story, so there's a good probability that you will get counter
sued in the process.
- There is no guarantee as to the outcome and many people find themselves dissatisfied when the
verdict is finally in.
There are other concerns as well:
- You may be required to expose proprietary information and business records to the court and
therefore to the public at large.
- Publicity surrounding the case can draw unwanted attention to your business.
Be careful not to become obsessed by a case out of principle. Your decision to sue must be based on
sound business judgment and not on emotions.
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